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Retirement tax questions
Actually I tried following Turbo Tax instructions but it made no sense as Puerto Rico is not a foreign country; therefore, I entered it as a 1099-R as Turbo Tax suggested but I enter it as shown in the table below hoping that the assumptions I made are correct. My taxes were accepted by the IRS and State and the refunds were received; but, it does not guarantee the way are entered bot 480.7C are correct as I cannot find any correct answer neither in the IRS web site.
480.7C Field | Turbo Tax Field |
Payer's Information | Location: U.S. Address (Puerto Rico is a US Territory) |
Employer Identification Number | Federal ID Number |
16. Cantidad Distribuida / Amount Distributed | 1 - Gross Distribution |
17. Cantidad Tributable / Taxable Amount | 2a - Taxable Amount |
Forma de Distribución / Form of Distribution: Pagos Periódicos / Periodic Payments and 23. Codigo de Distribución / Distribution Code | 7 - Select a code(s) that matches Box 7 on your 1099-R Box 7 in the 480-7C has nothing to do with what this field ask. Therefore, I used the fields mentioned in the left to determine what to enter in Turbo Tax field 7. Although, Puerto Rico consider Tipo de Anualidad / Plan or Annuity Type to be Privado Calificado / Qualified Private, the only Annuity option which I select from the drop down menu is: D-Annuity payments from non qualified annuities.
My thought is that although is a qualified annuity from a Puerto Rico Government perspective it may not be from an IRS perspective. |